Swiss Re buys life assets
SWISS RE, the global reinsurance giant, agreed to take over £1.6bn UK life insurance assets from American Life Insurance Company for an undisclosed amount yesterday.
Swiss Re will reinsure and administer 300,000 UK policies from Alico, a 50-country, US-based insurer.
They include pension and investment bonds written before 2008 and will be managed by Swiss Re’s closed-end life insurance consolidation company, Admin Re.
Admin Re chairman David Blumer said the deal “confirms our commitment to being a recognised force in the closed life book business.”
Alico spokesman Neil Denton declined to provide the sale price, as he said it was commercially sensitive.
Swiss Re paid £753m to acquire 760,000 such policies from Barclays in 2008. Admin Re has consolidated more than 50 life and health books from insurers worldwide since 1998.